Kerry unveils multi-billion Palestinian "economic peace" bid

US Secretary of State John Kerry unveiled Sunday a plan to pump 4 billion dollars into the West Bank, in a bid to "dramatically lift" the Palestinian economy along with the stalled Israeli-Palestinian peace talks, dpa reported.

"Investment in business and investment in peace, risks both worth taking, can turn this around," Kerry said in the closing session of the World Economic Forum on the Middle East and North Africa in Jordan.

According to the Middle East "Quartet" of nations mediating the peace process, the plan they are considering could cut Palestinian unemployment from 21 per cent to 8 per cent and increase the gross domestic product (GDP) of the West Bank and Gaza by some 50 per cent over a three-year period.

The money would target Palestinian agricultural, tourism, light manufacturing, information and communication technology sectors.
"Just as people find dignity in a good job, a nation finds pride by functioning and growing with an economy that can stand on its own two feat. This is the future," Kerry said.

But he stressed that the development plan does replace the political process of the peace talks, warning that any economic efforts will fail without serious effort by Israeli and Palestinian leadership to return to talks.

"The economics will never work properly or fully without the political process," he said.
Kerry's participation in the regional conference came amid a week-long regional tour during which he attempted to build support or reviving the dormant peace process.

Israeli President Shimon Peres called for an urgent return to the negotiations on a two-state solution to the decades-old conflict, reaching out to Palestinian President Mahmoud Abbas as a "partner of peace."

Chief Palestinian negotiator Saaeb Eirekat expressed doubt over Israel's willingness to return to the table, telling reporters on the sidelines of the conference that Palestinians have yet to receive positive signals from Israeli premier Benjamin Netanyahu.